Ex-billionaire Quinn avoids jail

Published Friday, 29 June 2012
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Bankrupt business tycoon Sean Quinn has avoided being sent to jail for contempt of court, after trying to hide a €500m property portfolio from the former Anglo-Irish Bank.

Ex-billionaire Quinn avoids jail
Sean Quinn was once Ireland's richest man has been found in contempt of court. (© PA)

At the High Court in Dublin, Quinn, his son Sean and nephew Peter Darragh Quinn, were found to have been "blatantly dishonest and deceitful" over attempts to move assets and hide them from the rebranded zombie bank.

"I find it disappointing, at even this late stage, there seems to be no acknowledgment of the wrongdoing that has been done by the respondents in relation to specific matters that have been done," the judge said.

Mrs Justice Elizabeth Dunne ordered the Quinns to disclose all assets worldwide, whether they held an interest in them jointly or solely.

The court further ordered that a receiver be appointed, pending a full trial, and that the trio must resign from any role in any company or body within the Quinns' International Property Group.

Fermanagh-born Sean Quinn, 65, owes the Irish Bank Resolution Corporation €2.8bn after running up unprecedented losses through secret stock investments in the Anglo.

The three men were found in contempt of court on issues linked to ownership and transfer of ownership of the €114m Kutuzoff Tower in Moscow; the €62m Ukrania Shopping Centre in Ukraine; and a €64m office block in Hyderabad in India.

© UTV News
Comments Comments
Ryan in Belfast wrote (941 days ago):
im happy Sean Quinn avoided jail. He may be bankrupt now but he'll be back in business or at least his family will be in the future. Remember, just because you go bankrupt doesnt mean your a failure. Look at the Likes of Simon Cowell, he was bankrupted before he became what he is today.
norman.d in bangor wrote (941 days ago):
sean quinn gambled the banks money on shares that collapsed now its pay back time and he is hiding from his responsibilities stashing his assets out of the banks reach he cannot run for ever
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